Ed Pluchar with Real People Realty Podcast

Why You’re Better Off Paying a Mortgage Than Paying Rent

cassidy@getvyral.com (Ed Pluchar) — Fri, 1 Nov 2019 09:26:00 -0700

If you’re still renting, it’s much more financially beneficial to buy a home and take on a mortgage payment. Here’s why.

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Did you know it’s more beneficial for you to take on a mortgage payment than it is a rental payment? It’s true, and today I’ll explain how by using an example from my own life and adjusting the numbers for an interest rate you can secure today.

Follow along in the video above to see an in-depth, side-by-side comparison of a rental payment versus a mortgage payment. For your convenience, I’ve provided timestamps so you can skip ahead to various sections at your leisure:

0:52—The numbers at a glance: $1,300 per month in rent versus $1,929 per month for the mortgage (at today’s interest rate)
1:36—The drawbacks of the rental payment and the benefits of the mortgage payment
1:57—How the mortgage numbers are divided up
4:07—How your tax credit reduces your overall payment
5:22—When factoring in your increasing principal and decreasing interest, in less than a year, your original $1,929 monthly payment will be less than $1,300
6:36—Why your rental payment will only go up
7:10—Wrapping things up

As always, if you have any more questions about this or any other real estate topic or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.

My Advice on Handling Lowball Offers on Your Home

cassidy@getvyral.com (Ed Pluchar) — Thu, 17 Oct 2019 14:29:00 -0700

If you receive a lowball offer, I don’t think you should flat out reject it. Here’s what you should do instead.

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Let’s say you have your home on the market for $300,000 and an offer comes in at $250,000. You’re hoping to get at least $280,000, so you have every right to decline the offer right then and there.

However, you can also counter this lowball offer. I would typically advise at least trying to counter in this kind of situation. Here’s why. A lot of buyers, especially first-time buyers, have the mentality of “let’s see what can happen” when they’re making a lowball offer. Someone with that mentality will typically bring their price up more than you think after negotiation. They may come up to $260,000 or $275,000 quicker than you think.

I would advise at least trying to counter.

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This happens pretty frequently. A lowball offer gets countered, then the buyer comes up to an area where the seller would accept it.

If you have any questions for me about this specific situation or about anything else related to selling your home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

How to Reduce Your Property Taxes

cassidy@getvyral.com (Ed Pluchar) — Fri, 4 Oct 2019 09:27:00 -0700

If you think you may be paying too much in property taxes, there are two ways to go about reducing them.

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How can you reduce your property taxes? There are a couple of easy ways to do this.

The first way is to make sure you are receiving all the exemptions you qualify for. There are many that could apply to you.

The second way is to speak to an attorney about appealing your taxes. If you look around your neighborhood and think “I may be paying too much,” ask your Realtor about this. A Realtor will take a look, and if we get the idea that you may be overpaying on your taxes, then we’ll take that to an attorney who specializes in appealing taxes and ask them to take a look at your case.

The attorney will usually do an initial evaluation and determine whether you’re paying too much. If you are overpaying, then ordinarily that attorney will handle all the paperwork and processes for you. They will take it to the county assessor, and they should get your property taxes reduced. Often, you won’t owe them anything unless it’s a successful appeal. But how you pay will depend on that specific attorney.

If you look around your neighborhood and think “I may be paying too much,” ask your Realtor about this.

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So if you think you’re paying too much in property taxes and would like to look into that, give me a call. I can get you on the right path. If you have any other real estate questions, you can also give me a call or send me an email, I would love to help you.

Everything You Need to Know About the Mortgage Process

cassidy@getvyral.com (Ed Pluchar) — Tue, 1 Oct 2019 14:38:00 -0700

Eric Marcotte of Peoples Bank joins me today to give you a thorough overview of the mortgage process.

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After you decide to buy a house, your first step should be to talk to a mortgage lender. Knowing what you can afford, how you can improve your credit, and the state of your financial situation overall is crucial in getting the home you want.

With that in mind, I’ve invited mortgage expert Eric Marcotte of Peoples Bank to join me today to answer a few mortgage FAQs and talk about each step of the mortgage process.

I hope this conversation gives you the guidance you need to become the best buyer you can be. If you’d like to reach out to Eric, you can give him a call at (219) 838-9101. If you have any questions for me, feel free to email me or give me a call. I’d love to help you.

A Quick Word on Closing Cost Credits

cassidy@getvyral.com (Ed Pluchar) — Thu, 29 Aug 2019 08:46:00 -0700

When a seller pays a buyer's closing costs, what are they actually paying for? Find out today.

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There are a number of reasons a buyer might ask for a seller to cover the closing costs, but is this arrangement really as common as HGTV makes it seem? Yes and no.

When a seller does cover a buyer’s closing costs, these funds are usually taken out of the total list price rather than paid out directly.

Sellers cannot contribute to the buyer’s down payment.

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Also, it’s important to realize that down payments aren’t included in these “closing costs.” Instead, closing costs in this case refer to additional expenses like title fees, escrow fees, insurance, and more.

The reason this distinction matters is that sellers cannot contribute to the buyer’s down payment. The buyer must provide these funds themselves.

So when a buyer asks for closing costs, they aren’t actually asking that every bit of their closing-related expenses be paid by the seller.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

What Happens if an Appraisal Comes in Low?

cassidy@getvyral.com (Ed Pluchar) — Tue, 13 Aug 2019 09:29:00 -0700

When the appraisal on the home you’d like to buy comes in low, you and the seller have three workable solutions to consider.

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What happens when your appraisal comes in low?

Let’s consider this question through the eyes of a buyer. Once the inspections and repair requests are squared away, the bank will order an appraisal, which serves as a professional opinion of the home’s market value.

The bank will send an appraiser out to the property, and that person’s job is to certify that the price in the purchase contract and the home’s actual value are in line with one another. If the appraiser can’t justify the price, it’ll either be too high or too low.

If the appraisal ends up being higher than the offer price, there’s no issue. The buyer will receive greater equity than originally expected, and the parties can move through closing without a hitch. An appraisal that comes in low, on the other hand, can be problematic.

One of three things will happen following a low appraisal:

1. The seller takes a price reduction
2. The buyer brings more money to closing
3. A combination of the first two options

If no agreement is reached, the contract will be rendered null and void because the buyer won’t be able to obtain the loan they made arrangements for.

An appraisal that comes in low can be problematic.

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I’ve seen it play out in different ways: I recently saw a seller take a $13,000 price cut for the sake of saving the deal. I appreciated it because I was representing the buyer in this particular transaction. In another scenario, one of my buyers made an offer on a home that appraised low. They felt that the home warranted a higher appraisal, and together we fought the appraiser on it. Despite our best efforts, the buyer ultimately chose to bring more money to the table to secure the home.

If you’re getting ready to purchase a home and you have any questions about appraisals and how they work, please give me a call at 815-931-2279 or send me an email at Edward.Pluchar@Gmail.com. I’d be happy to hear from you!

Natural Beauty and Modern Convenience Meet in This Manhattan Home

cassidy@getvyral.com (Ed Pluchar) — Thu, 25 Jul 2019 12:37:00 -0700

If you're in search of your dream home, this sleek new construction property may be perfect for you.

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Welcome to a beautiful piece of real estate. This new construction Manhattan home has it all. If you’re a fan of a crisp, clean aesthetic, hardwood floors, and modern amenities, this home is for you. Here, you can enjoy the sights and sounds from nature from your walk-out deck, make a home-cooked meal for family and friends using the stainless steel appliances in the kitchen, or unwind next to the fireplace after a long day at work. Listed at $417,000, this property is a fantastic value. If you have any other questions or would like more information, feel free to give me a call or send me an email. This is just one example of the kind of home you can call yours in the Manhattan area.

Check Out This Gorgeous Homer Glen Home

cassidy@getvyral.com (Ed Pluchar) — Tue, 9 Jul 2019 09:18:00 -0700

I recently visited a gorgeous home in Homer Glen, and today I’d like to take you there with me through a quick video tour.

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I recently took a trip out to a gorgeous, 6,000-square-foot home out in Homer Glen, and today I’m going to bring you along for a video tour of this fantastic property.

As you’ll see in today’s message, this spacious home comes with plenty of unique features, like its lovely three-season room and massive two-island kitchen. And this only scratches the surface of what this incredible home has to offer.

This only scratches the surface of what this incredible home has to offer.

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If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

If You're Under Contract, Is It Too Late to Back Out?

cassidy@getvyral.com (Ed Pluchar) — Mon, 20 Nov 2017 11:30:00 -0800

If you’re worried about whether the offer you accepted was as good as it could’ve been, there are a few things you should think about.

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Today’s question is, “Could I have gotten more out of my sale?” The person who asked this question went on to ask whether there were any options they had moving forward. Unfortunately, there isn’t much that can be done once the contract has been signed.

If you’re in a contract, which is legally-binding, things are basically settled. While you as a seller are unable to back out at this time, the buyer is still free to do so.

For example, if the buyer is dissatisfied with the inspection report, can’t get the financing, or has another valid issue arise, they can step out of the deal.

However, there is something you can do. You can continue to market your property on the multiple listing service with the understanding that it is currently under contract. However, although you can still entertain offers, you cannot accept them unless your own contract falls through.

Sometimes, the first offer you get may be the best.

If your first buyer does happen to back out for some reason, you can then fall back onto a backup offer.

Though, while you can list your property on the multiple listing service after going under contract, it will be listed as contingent and will receive much less traffic from interested buyers.

With all of this said, remember that the early offers you received were likely from buyers who were very interested in purchasing the home. You may think you could do better on the offer you’ve signed into contract, but you can’t be sure. Sometimes, the first offer you get may be the best. This isn’t always the case, but is definitely something to keep in mind.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

What Are the True Benefits of Buying and Selling in the Fall?

cassidy@getvyral.com (Ed Pluchar) — Mon, 30 Oct 2017 08:24:00 -0700

Today I'll focus on what advantages there are to buying or selling in the autumn versus other times of year. Each season has pros and cons.

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Many real estate agents will tell you why any time is a good time to buy or sell, without really distinguishing any advantages. Actually, each season has its advantages and disadvantages.

Today, I want to specifically focus on what advantages there are to buying or selling in the autumn versus other times of the year.

In the spring, buyers and sellers come out of the woodwork, and there’s a lot more inventory on the market. Spring has the advantage of more choices, but the disadvantage is that sellers are looking for premium prices.

In the fall, the inverse is true. Prices start to dip as winter approaches, but there are fewer houses on the market to choose from.

Also, sellers sometimes return to the market during the fall after pricing themselves out of it during the spring. Since they’ve reduced the price to a point where it’s reasonable, their listing is essentially available for the first time.

Each season has its own advantages and disadvantages, but fall has some great benefits.

It’s also important to consider the strong level of motivation that buyers and sellers have during later months of the year. The spring is a very popular time to be on the market, so those who are buying or selling during the autumn instead are usually doing so for good reason.

Another advantage that I was personally unaware of until recently is that fewer burglaries occur in the fall. This puts buyers in a good position, since they will have more time to install a security system following their move.

Finally, there’s the matter of the “center of attention” phenomenon. Real estate agents tend to be most busy during the spring. So when you work with an agent during the fall, they’ll be able to provide you with more personalized attention. You may get a degree of service that isn’t available in the spring.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

A Quick Tip for Selling Your Home in Today’s Market

cassidy@getvyral.com (Ed Pluchar) — Mon, 9 Oct 2017 09:07:00 -0700

If you plan on selling your home, make sure you do not overprice your property. Buyers can tell if you haven’t made any improvements to the home.

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Today I just wanted to give you a quick tip if you are selling a house in the current market.

In fact, this just happened today. I was showing a house that sold for about $185,000 just three years ago. The current listing price for this home is $212,000.

I didn’t see the home three years ago but it was pretty clear to me that nothing had been done to the house, which is a bad sign. If you are selling a house, you have to be ready to list the improvements to justify an increased price.

The market and inflation will increase the price in certain circumstances, but this house was in a very steady neighborhood that didn’t see a lot of price appreciation. This seller was looking to make a cool $27,000 after just three years without doing any significant work on the house.

Thanks to sites like Zillow and Trulia, buyers can often tell when a home is overpriced. If they can’t, then their agent certainly can tell them, “Don’t pay $212,000 for this house. If someone else wants to, let them, because that is too much money.”

You can shoot for the moon, but you won’t get it.

I like to visit the neighbors when I look at listings, so I went to the neighbor and asked her, “What do you think of this price?” She gave me a look that clearly said, “That is not the right price.” Her house was meticulously taken care of and beautiful.

If it’s clear to the neighbors and strangers seeing your home for the first time that nothing’s been done to the house, then you need to price it appropriately. You can shoot for the moon, but you’re not going to get it.

You need to be realistic about the price of your home. Understand that today’s consumer is very intelligent and well-informed on price these days. Price your home accordingly. If that home had started at $205,000, I bet it would have sold before I had the chance to show it today.

If you have any questions about selling your home or what your home is worth in today’s market, just give me a call or send me an email. I would be happy to help you!

Answering Your Questions About Homebuyer Etiquette During Showings

cassidy@getvyral.com (Ed Pluchar) — Mon, 25 Sep 2017 09:38:00 -0700

If you’re curious about homebuyer etiquette during home showings, I’ve got the answers to all your questions.

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What are some of the general do’s and don’ts for buyers during home showings?

1. Can I use the bathroom? You can, but sometimes this answer is a plain no. Some homes—especially foreclosures—are winterized. This means they’ve turned off the water and drained it from the pipes so they don’t burst if the temperature drops below freezing. If there’s no water in the pipes, you can’t flush a toilet. Just because a toilet is there doesn’t mean it’s usable, so always ask if they’re usable first.

2. Can I bring my coffee? This is okay, but be careful not to spill because then we have to clean it up.

3. Can I peek in the closet? Absolutely. The seller knows there will be people snooping around everywhere they can reasonably look. If it’s not locked or deadbolted, then it’s fair game.

When in doubt, ask first.

4. Can I take a selfie with the furniture? I’ve never heard this request before, but if I was the agent showing the home, I would have to draw the line here. While the seller did agree to have pictures already taken of the home to post online, it’s still their personal property and it’s not there for your personal entertainment. It’s a matter of privacy and permission. If the seller is there and you feel the need to take a picture or a selfie, ask first.

5. Can I plop down on that chaise lounge? This kind of question elicits a middle-ground response, but I’d lean toward no. I’ve had buyers sit down on furniture before without incident, but you have to be careful because staged furniture isn’t always what it seems. What looks like a bed or a couch can actually be just a prop.

Keep in mind these general rules of etiquette the next time you’re out looking at homes. If you have any questions or are thinking about buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.

An Insider’s Look at the Offer Process

cassidy@getvyral.com (Ed Pluchar) — Wed, 13 Sep 2017 10:12:00 -0700

You're ready to make an offer on a home. Here's what you can expect to happen next.

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One of the questions I get a lot is, “How do things work once we’re ready to make an offer?”

Well, here’s how it works: We will fill out a contract, typically using what is called a 6.1 Contract—the standard of the Realtor board. Over 90% of all transactions in Illinois are conducted using the 6.1 Contract. It was drafted with the goal of being fair to both buyers and sellers at the same time.

We take the contract out either electronically or on paper and fill in the terms—it’s very easy to do. We’ll go over the price, closing date, what kind of finances you have, etc. We need to make sure the seller is aware of the quality and the characteristics of your purchase.

There’s a lot of 'hurry up and wait' in the real estate process.

It’s that simple. After that, we send it off to the seller’s agent and wait. Typically, it’s less than 24 hours—sometimes less than one hour—before we’ll get a response back saying, “Here’s how we feel about that offer.”

Unless you’re making a full-price offer, almost invariably, you’re going to get a counteroffer. Now we move to verbal negotiation.

Price is the major item discussed in this negotiation, as well as closing dates. You might also expect to hear the phrase “as-is” during this process, which means the seller is communicating that the house you’re looking to buy will come as-is, with no changes made by the seller’s party.

Finally, agents for both parties will come to a verbal agreement, after which we’ll put it in writing and revise the contract. Once you’ve signed or initialed the altered portions of the contract, it will be sent to the seller, who will then sign it themselves. Then we’re off to the races.

If you have any questions about the process or want more information, give me a call at (815) 931-2279 or email me at edward.pluchar@gmail.com. Thanks for watching!

A Step-By-Step Home Buying Guide

cassidy@getvyral.com (Ed Pluchar) — Wed, 16 Aug 2017 07:41:00 -0700

How should you approach the home buying process? We’ve got the answer.

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We’ve discussed the home buying process in previous posts. We’re going to continue that today and take you through the "shopping" part of the process.

We’ve already talked about the first step of the process, getting a pre-approval from a reputable lender. This way, you’ll know exactly what a bank is willing to lend you. Your offer will be much stronger in the eyes of the seller, too.

After you have the pre-approval, the next step is to determine your location. Your location will ultimately affect your home’s resale value, so you need to know about the area you’re looking at prior to making a purchase. Your home’s proximity to schools or your workplace also plays a role here.

Your location will ultimately affect your resale value.

The next step is to go through home specs so you can narrow your search a little bit. Once you have a handle on the number of bedrooms, the number of bathrooms, and square footage that you’ll need in the end, you can narrow down the list even further.
The final step is going through the things that you want in your next home. Things like a finished basement, a pool, or an attic can really put the cherry on top of the perfect home.

Before you do any of this, though, you need to reach out to a professional Realtor like myself to talk about your home buying goals and how I can help you reach them. If you have any questions, you can always give me a call or send me an email. I look forward to hearing from you soon.

How Ed Pluchar Helped Trevor & Lee Find Their Perfect First Home

cassidy@getvyral.com (Ed Pluchar) — Tue, 8 Aug 2017 09:05:00 -0700

"We’d been married a few years and been looking for a long time and within 6 months Ed was able to help us find what would be the perfect home for us for our first home... We met as late as 8 or 9 pm a couple times just to finish up a set of houses to look at and he wasn’t even batting an eye....Ed did not pressure us at all. It was very relaxed every time we went to view a home...It took a lot of the pressure off."

Can You Raise Your Home’s List Price After It Hits the Market?

cassidy@getvyral.com (Ed Pluchar) — Wed, 2 Aug 2017 07:50:00 -0700

If you want to adjust your sales price upward after your home hits the market, you can do one of two things.

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As a seller, can you adjust your sales price up after your home hits the market?

I was very recently working with the person who asked me this question. We were in the process of setting up a listing agreement, and we had a listing price in mind. The seller thought the home was still worth more, though. This is a common occurrence, as most sellers believe their home is worth more than it actually is.

First of all, your listing price should be determined by the sales of comparable homes in the immediate area. What prices did they sell for? What got those homes sold? How long were they on the market? Are you willing to let your home sit on the market or do you need it under contract right away? There are different price ranges for that, and your Realtor can help determine it.

We came up with a price (let’s say it was $299,000) and we were signing the listing agreement when the seller popped the question of wanting his sales price to go up.

The truth is, your home’s sale price is always flexible, and you’re free to renegotiate the listing agreement with your agent. You can also use a price modification form.

Your home’s sales price is always flexible.

My answer to this seller, though, was that if we listed the home at $299,000 and the market told us it was worth $350,000, there would be too many showings, too many offers, and they’d be selling their house in a quasi-auction setting. The reason for this is homebuyers are out shopping all the time, and they recognize what a home is worth. If they see a steal of a deal, they won’t be the only ones seeing it.

When you get a bunch of offers on your home at once because it’s underpriced, you can do one of two things: take it off the market, increase the price, and start over again, or ask for the highest and best offer from one of the buyers. If you’re in the ballpark range of the price you really want for your house, you’re in a position to ask buyers how much they’re willing to pay for it.

I can’t think of a better way to get the price you want for your home than that last scenario. This encourages someone to come up with a maximum number to pay for your house. They don’t know what any of the other offers are, so they’re competing for it.

If you have any questions about adjusting your price up or you’d like a free valuation of your home, don’t hesitate to give me a shout. I’d be happy to assist you.

Should You Purchase a New Home or Fix up the One You're In?

cassidy@getvyral.com (Ed Pluchar) — Wed, 19 Jul 2017 11:56:00 -0700

Should you buy a new home or fix up your current one? Today I’ve got a few things you should consider when making your decision.

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Is it better to buy a new home that you want or fix up an existing home that you’re living in? A common scenario I personally went through was having my family simply outgrow the size of the house. The question is, do you build an addition to the house or move to a larger house?

The way to deliberate this is to first decide on a location, which is the primary focus of real estate. Look at the house you have now and the house you would buy and see which location makes more sense. Are there any fatal negatives? Are you itching to get out of the location you’re living in now or if you would move to the new location, are there any aspects that would make living there intolerable?

Next, you’ll want to look at your budget. Buying a new home can and will be expensive, especially if you’ve got a wish list and you’re trying to check off all the things on that list. You may have a hard time finding the perfect home with everything on your wishlist or you may have to pay a premium to get that.

Alternatively, look at the budget you make for your current home. You have a bit of a blank canvas, so what would it take to build on, remodel, or modify the home that you have now? You won’t have to pay another purchase price—only the price of what it takes to fix up the home.

What’s interesting is both of those will break down to a monthly cost. You most likely are carrying a mortgage now, and if you’re going to refinance or finance the cost of your remodel in some other way, what is your monthly burden going to be? How much out of your savings are you going to have to dip into versus how much will you have to pay (including down payment) to get that new house?

You want to choose the option that has a better payback period.

You have to make sure that if you think you might stay and fix your current house up, you check with your municipality or county and make sure that the things you would like to or plan to do can be done. Especially if you plan to make the footprint larger and build an add-on, you’ll need to get a permit, and some counties—based on your lot lines—may or may not let you do that. So if you can’t expand your house and you need an expansion, that may answer the question of moving for you.

Another consideration is hidden costs. A hidden cost that may not appear to you right away is what the new property taxes might be if you add square footage to your existing home. Your assessor may look at any additions and tack on additional taxes as a result. See what would happen if you do make the renovations you plan to make.

The last thing I want to ask is how long do you plan to be in the house? Whether you decide to fix up or plan to move, how long do you plan to be there? The answer tells you what you should look for in terms of a payback period. In commercial real estate, a payback period is the length of time it takes for a new piece of equipment to pay itself back with the savings incurred by getting it.

That happens far less in residential properties because you’re not getting the same use out of the equipment. If you’re talking about an energy-saving project or if you’re thinking that it’s going to cost a certain amount of money to fix your house and get it where you like it, what is the new mortgage payment? What is that payment versus paying less for a new house and having less of a mortgage payment? The point is that you’ll want to choose the option that has a better payback period.

These are very general guidelines and useful for getting started, but if this is something that you’re considering and need help getting into the details of, please give me a call. I would be happy to sit down with you and help you make a sound decision.

Why Kevin Says Choosing Ed Was a Wise Choice

cassidy@getvyral.com (Ed Pluchar) — Wed, 12 Jul 2017 13:39:00 -0700

“When my fiancé at the time, now wife and I started looking for houses we contacted him and he was able to show us around to, I think we saw about 30 or so different houses. He made time in his schedule to bring you to 3, 4, 5 houses in an afternoon or a night depending on what you had going on. It was very helpful for us that he was super accommodating for us because at the time, I’m a high school teacher and I coach track in the spring as well, so my schedule was kind of limited. And my fiancé then, now wife, had just started her job, so it was kind of hard for her as well to find time to do those things. He was very accommodating on the scheduling for that part which was very nice. It was a very wise choice. We had given him a list, we were unsure of which houses we wanted to see, and we had given him a list of about 6 or 7 houses maybe on like Tuesday night and by Wednesday morning he said, okay, here’s 5 houses that had availabilities ready to go, we can go see them tonight. So he was able to kind of clear his schedule and get almost all of the houses on the list that we wanted to go see right away within 24 hours. It’s nice to have him be that responsive to text messages, to phone calls, to emails. He’s very good at getting back to you right away and doing his best to make sure that what you want or the places you want to see are what you’re going to see. Don’t be afraid to ask questions! Eddie is very smart. He reads a lot, he does a lot of research. He even shares a lot of information on his Facebook page and stuff like that. So if there’s any questions at all that you have about real estate, and I had a bunch, feel free to ask him. Even if you’re not using him as a Realtor and you’re just looking for more information on how mortgages work, or what does this term mean, or what does it mean when a listing says this? He’s very open, he’s very up-front with you, he tells you like it is, he won’t sugar coat things and as a buyer that was very refreshing to just kind of have it given to us straight so we could make the best decision possible.”

6 Tips to Keep Your Home From Being Burglarized

cassidy@getvyral.com (Ed Pluchar) — Fri, 7 Jul 2017 07:46:00 -0700

If you want to go the extra mile to keep your home safe from trespassers, here are six tips you can follow.

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Here are six tips you can use to prevent your home from being burglarized:

1. Maintain your doors and locks: Make sure your locks are actively engaged and are strong and secure. You can also add a tamper-proof/kick-proof steel reinforcement to your lock.

2. Maintain your windows and sliding doors: Most homeowners who have sliding doors leading to their back porch lock them with a built-in aluminum bar and/or a dowel inserted into the door’s track. If your lock isn’t engaged and you’re only depending on the dowel, however, it is possible for a burglar to lift the panel of the door off its track.

3. Use safety lighting: We tend to turn our lights on outside for the simple reason that it lets us know what’s going on outside around our property. If the lights are on outside and off inside, you can see any trespassers but they can’t see you. Motion lighting is also a very strong deterrent to any unwanted visitors.

These tips will help keep your home and family safe.

4. Close your curtains: If you’re like me and you have your computer in a room where someone could potentially see it through the window outside, closing your curtains will obstruct their view so they can’t see if there’s anything inside the house that might be worth breaking into it for.

5. Be mindful of your spare keys: When moving into a new home, many inspectors will recommend you change your locks and your keys because you don’t know who else might have a spare key to your house. One tactic you can use to solve this problem is a keypad that allows you to punch in a digital code to enter the house. If you’re worried about someone knowing your code, you can simply change it.

6. Consider installing an alarm system: Most houses I show have alarm systems, and they’re a strong deterrent. Some people put up signs claiming they have a camera on the premises even if they don’t. If you want a much friendlier alarm system, you can also consider getting a dog.

If you have any questions about keeping your home from being burglarized or you’re in the market to buy or sell a home, give me a call or shoot me an email. I’d be happy to help you.

Zillow's Zestimate Can Cost You Big

cassidy@getvyral.com (Ed Pluchar) — Mon, 26 Jun 2017 13:56:00 -0700

Zillow’s Zestimate has become a household name. But, as it turns out, the feature could end up costing you tens of thousands of dollars.

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Many people have made the mistake of using a Zillow Zestimate as an appraisal. The problem is, Zestimates are often inaccurate.

A woman in Glenview, for example, learned this from experience when a Zestimate valued her home at an $80,000 less from what she and her real estate agent believed was its true worth.

Because of this, she struggled to get her house off of the market and is now suing Zillow. If there is a large disparity in a home’s true value and its Zestimate, buyers will be hesitant to make sufficient offers, or to make offers at all.

This isn’t to say that Zillow is without any positive attributes, though. One feature I’m personally a fan of is their mortage calculator, which allows you to not only work with principal and interest but also allows you to enter taxes and insurance. This lets you work with all the data given to find out what sort of loan might be right for a given client.

A study has shown that the Zestimate is always off by an estimate of about 5%.

I do, however, have a couple of problems with Zillow. For example, Zillow’s data, which they get from the MLS, is oftentimes wrong. As a result, clients frequently send me links from Zillow and express interest in listings that turn out to be no longer available.

As I mentioned earlier, my second grievance with Zillow is the Zestimate. A study has shown that the Zestimate is always off by an estimate of about 5%—which can make a big difference, especially for higher-priced listings.

Because of this, Zillow went so far as to hold a contest offering $1 million to anyone able to correct their Zestimate algorithm.

Their defense against the lawsuit they’re facing, in fact, is by admitting that the Zestimate isn’t even an appraisal. Be that as it may, the lawsuit came about because the Glenview woman I mentioned earlier experienced a direct and negative influence on the prospects of her home because of the Zestimate.

As sticky a situation as this all is, the lesson I think comes from it is that you should be skeptical of Zestimates and, most importantly, should talk to a real estate professional about the value of your home.

If you’re thinking about the value of your home, the home you’d like to buy, or if you have any other questions for me, feel free to call or email me. I look forward to hearing from you.

4 Buyer’s Agent Advantages

cassidy@getvyral.com (Ed Pluchar) — Thu, 8 Jun 2017 09:16:00 -0700

Hiring a buyer’s agent is smart for many reasons. For one thing, you don’t have to pay them.

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When you’re getting ready to buy a house, you might be tempted to go it alone without the help of an agent. However, navigating the waters of the transaction by yourself can be extremely difficult.

Most people employ buyer’s agents when they purchase a home. The biggest and most obvious benefit is that you typically won’t pay them a cent. Buyer’s agents typically get paid out of the seller’s commission they pay to their agent. There are even more benefits to hiring one that we would like to share with you today.

1. They are dispassionate. With so much on the line, it can be an emotional decision to buy. During that process, you need someone who is rational and dispassionate and has their head focused. That is how you will get the best counsel in order to make the wisest decision.

2. They are informed. Both about the market and the home buying process. They have a level of expertise that is hard to gain casually.

The decision is a no-brainer.

3. They are experienced. A good agent will have been around the block a few times, so they know the potential hurdles and pitfalls that may occur and how to move past or avoid them completely.

4. They are connected. When you’re going to buy a house, you need people like attorneys, appraisers, insurance agents, and more. A good buyer’s agent will have worked with all of these kinds of people before, and can recommend them to you if need be.

Those are the four most important things you get when you hire a buyer’s agent. When you think about it, the decision is a no-brainer. If you have any other questions for us or want to know more about how we could assist with your buying needs, give us a call or send us an email. We can’t wait to hear from you.

The Different Kinds of Home Purchases You Can Make

cassidy@getvyral.com (Ed Pluchar) — Fri, 26 May 2017 07:29:00 -0700

Traditional sales are by far the most common type of home sale. That doesn’t mean you shouldn’t know about the benefits of short sales and foreclosures, however.

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I get questions all the time about traditional sales, foreclosure sales, and short sales. A lot of buyers are under the impression that they each follow a similar script, but that’s not true at all. Each type of sale is different and has its own set of advantages and disadvantages. Here’s what sets each type of sale apart.

A traditional sale is by far the most common and widely experienced type of home sale. It’s a transaction between whoever owns the house and you. The bank isn’t involved here because the homeowner has enough equity in their property to make the sale, pay off the existing mortgage, and move on. A traditional sale is strictly between you and the home seller.

When a homeowner owes more on their mortgage than what the home is currently worth, they can attempt a short sale. This is where they approach the bank with an offer on their home and ask them what they think. If the bank thinks the price is acceptable, they will proceed with the short sale. They might counter back or straight up reject the offer, however. This is a difficult kind of sale to pull off, but not impossible. The big problem is that it can take at least six months in most cases.

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Each type of sale is different.

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With foreclosures, the bank has already taken possession of a home and is looking to get rid of the property quickly and for as much money as possible. You’ll have to negotiate directly with the bank to purchase a foreclosure. This is another type of sale that takes a bit of time to go through.

As a buyer, you can get a great deal on a short sale or foreclosure home. However, you might have to wait six months or more to get into that home. A traditional sale is much easier and faster, but you’ll have to pay market value for the home.

If you have any questions about any of these kinds of home sales, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

2 Tips If You Need to Buy & Sell Simultaneously

cassidy@getvyral.com (Ed Pluchar) — Mon, 15 May 2017 14:04:00 -0700

Need to buy your next at the same time you sell your current home? We have a few tips that will help you find the best approach for your situation.

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If you need to buy and sell a house at the same time, it can be a tricky situation. We've put together a five-part tip sheet for you to use if you find yourself in this situation and today, I wanted to go into detail about two of these important tips.

If you're living in a house you need to sell and you need to buy a new home, one option—if you can swing it financially—is to carry two mortgages. You would keep paying for the house you currently live in while looking for your next house, and tell your lender that you want to carry two mortgages temporarily to make the moving process a little easier. You would then buy the new house and get moved in at your own pace. Once your old house is empty, you would list it for sale. You might carry a second mortgage for a few months; it all depends on how the market's doing.

This is a great way to pace yourself and avoid feeling like you're in such a rush. If you time it well, you can buy the new house in a good market and sell your previous house in a good market as well.

Another option is the blitzkrieg approach, or trying to buy and sell at the same time. This is for those of you who just want to rip off the Band-Aid, so to speak, and it can be done.

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Carrying two mortgages is a lower stress approach.

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With this approach, you'll search for new houses at the same time that you put your house on the market. It comes with a little added stress as you'll have to keep your house clean and orderly all the time and be prepared to leave on a couple hours of notice for showings. One advantage is that you'll probably start packing for your new home early.

If you're in a hot market, you'll want to look at houses on a regular basis so you can time it out to buy that house right around the time your current home sells. You should also price your house aggressively so that once you buy you new home, you can be ready to sell your old home in order to close simultaneously. They don't have to necessarily have to close on the same day, but it will be helpful. Ideally, you would close on the house you're selling in the morning, get the proceeds, and go into your home purchase later in the day with the funds ready to go.

This process comes with more stress, but it will also be a lot shorter and compact, and if you have a sense of adventure, this may be the way to go.

If you're interested in our tip sheet or you're thinking of buying and selling a home at the same time, don't hesitate to email or call me. I'm here to help.

Why Should Every Buyer Have a Pre-Approval?

cassidy@getvyral.com (Ed Pluchar) — Wed, 26 Apr 2017 14:38:00 -0700

If you’re in the market to buy a home, you need a pre-approval. There are a number of reasons why, including the fact that the seller probably won’t accept your offer without one.

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When you’re out looking for a home to buy, the best thing you can do is find and hire a good Realtor whom you like and trust. It’s the single most important step to take.

After that, the next most important thing you can do to ensure a successful home purchase is to get a pre-approval.

This involves going to a lender, giving them all your financial information, and finding out what type of loan you can afford to pay back, whether that number is in terms of a monthly payment or a purchase price.

The benefits of getting a pre-approval are numerous. For example, it gives you an accurate estimation of what you can afford from a professional who works in this business every day. Online mortgage calculators can be great tools, but they can also be misleading if you trust what they say as fact. The only real way to know what you qualify for is with a pre-approval.

It lets the seller know you’re serious about buying.

Once you’re ready to make an offer on a home, most seller’s agents will require you to have a pre-approval anyway. Getting it done before you start looking at homes is a smart, proactive step. It will also give your offer a better chance of getting accepted. It lets the seller know that you are serious about buying and that you can afford the home.

There’s really no reason not to get a pre-approval. You can do it over the phone and submit documents electronically or have the meeting in person. Most lenders prefer the latter option.

As you can see, getting a pre-approval before buying a home is a no-brainer. If you have any questions about the process, don’t hesitate to give me a call or send me an email. I’d be happy to help in any way that I can.

What’s Happening in the New Lenox Market?

cassidy@getvyral.com (Ed Pluchar) — Fri, 21 Apr 2017 11:30:00 -0700

Today I’m going over a market analysis for New Lenox to show you what trends are happening with local real estate.

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What’s going on with New Lenox real estate?

To start, is the New Lenox market in a buyer’s market or seller’s market? We figure that out by looking at the number of homes on the market compared to the six-month purchasing pattern. In New Lenox, there have been 199 homes sold over the past six months. Right now, there are 132 homes on the market, which means there are about four months of inventory available. So, if no other homes came on the market starting right now, it would take four months to sell everything currently listed.

This means New Lenox is in a seller’s market. Keep in mind that doesn’t mean it’s a bad time to buy, it just means the market is just favoring sellers right now.

Right now the average sales price is $293,000, and usually prices go up in a seller’s market. However, there are a few factors that are keeping prices pretty steady. One is that interest rates have gone up, which has made borrowing more expensive. Consequently, it’s harder for buyers to come in and offer a higher price.

The second factor is that millennials are of homebuying age. Millennials are predicted to be the biggest group of homebuyers in the country very soon, but their rate of savings is very low. In fact, only 8% of millennials have savings of over $10,000 built up, which is the amount they’d need to make a decent down payment. 72% of millennials have less than $1,000 and 31% have absolutely no savings at all. That hinders millennials from buying, which hinders the market in general.

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72% of millennials have less than $1,000 and 31% have absolutely no savings at all.

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Baby boomers are banking on the equity in their homes to sell and move into retirement. However, if prices are not going up for them, they are reluctant to put their homes on the market, which contributes to a lack of inventory.

The average sales price is creeping up, but it’s still not shooting up the way it is in other markets in the nation.

So, because prices are stable in New Lenox, right now is a great time to buy or sell.

If you have any questions or would like me to do a market analysis for your area, please feel free to give me a call or send me an email. I look forward to hearing from you!